Westgold Resources
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Westgold Resources (WGX) investor relations material

Westgold Resources H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary26 Feb, 2026

Executive summary

  • Achieved record financial and operational performance in H1 FY26, with revenue up 98% year-over-year, significant increases in EBITDA and net profit, and gold production reaching 195,355oz at an AISC of $3,225/oz, driven by disciplined execution and favorable gold prices.

  • Treasury build reached $550M before major outflows, closing with a $654M treasury balance, and the group ended the period debt-free after repaying $50M in debt.

  • Strategic focus on becoming unhedged, infrastructure upgrades, and cost management led to consistent production growth and strong cash generation.

  • Portfolio simplification advanced with the sale of non-core assets, including Mt Henry-Selene, and the demerger of Reedy and Comet into Valiant Gold, with a retained equity stake of 44–48%.

  • Completed the acquisition of Karora, expanding operations and positioning as a top five Australian gold producer.

Financial highlights

  • Revenue doubled year-over-year to $1,238M, with underlying treasury build of $550M and closing cash and cash equivalents of $520.6M.

  • Underlying EBITDA rose to $612M (from $224M), and underlying net profit after tax reached $314M (from $57M); statutory profit was $191M, reversing a prior year loss.

  • Cash inflow from operating activities rose to $531.7M, up 324% year-over-year.

  • Group gold production was 195,000oz at an AISC of $3,225/oz; core business produced 170,000oz at $2,871/oz AISC.

  • Net tangible assets per share increased to $2.24, up 7% from June 2025.

Outlook and guidance

  • FY26 production and cost guidance maintained at 345,000–385,000oz with AISC of $2,600–2,900/oz (excluding OPA), and three-year outlook targets production growth to 470,000oz by FY28 with AISC stepping down to ~$2,500/oz.

  • Guidance includes NMG ore purchases; other agreements (e.g., Valiant) not yet factored in.

  • Upside potential from mine expansions, operational improvements, and exploration is not included in current guidance.

  • Focus remains on core asset growth, operational efficiency, and unlocking value from non-core assets.

Assess Mt Henry-Selene deferred consideration.
Quantify OPA's impact on AISC and profitability.
Royalty liability sensitivity to market changes?
When will Higginsville mill expansion proceed?
Valiant Gold IPO: Westgold's long-term intent?
Quantify operational improvement upside to outlook.
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Frequently asked questions

Westgold Resources Limited is an Australian company specializing in the exploration, operation, development, mining, and treatment of gold assets, primarily located in Western Australia. The company's operations encompass a suite of assets including the Bryah Operations, Murchison Operations, Meekatharra Gold Operations, and Cue Gold Operations, covering a vast area of 1,300 square kilometers in the Murchison region. Westgold Resources Limited is headquartered in Perth, Australia, and its shares are listed on the Australian Securities Exchange.

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